Orbotech Flat Panels LULL and 4 Stocks Slipping to 52-Week Lows
China Unicom [Hong (NYSE:CHU): The Chinese government will start to push private investors into investing in China’s telecom sector, according to a China Daily report. China Unicom shares closed down 1.14 percent on the day at $12.26, having traded between $12.20 and $22.50 for the last 52 weeks.
Credit Suisse Group (NYSE:CS): In its long held desire for a United States of Europe, Germany wants European Union countries to join into a “political union,” in which each country would have a status more resembling an American state, according to a The Washington Post report Wednesday. Under this version, the first step in the process would be the advent of a regional banking supervisor that, within a year, could overrule national governments. Further, the Germans want to see a European Treasury that would have authority over national governments, which would be in sync with a report by TD Bank, which says that financial integration is mandatory if the present eurozone crisis is to be overcome, reports the Financial Post. After all, a good crisis should never be allowed to go to waste. CS shares closed down 2.3 percent on the day at $17.43, having been traded between $17.55 and $39.92 for the past 52 weeks.
Genworth Financial (NYSE:GNW) shares closed up 10.59 percent on the day at $5.43, following word that hedge fund Highfields Capital is in discussions to increase its investment in the struggling life and mortgage insurer. Highfields currently owns a 5.2 percent stake and might take advantage of shares selling for 20 percent of book. On Wednesday, Genworth promised that it would take measures to improve its capital structure, following being put on review for a downgrade to junk status. Shares had been trading between $4.80 and $10.71 in the last 52 weeks.
Northern Dynasty Minerals (AMEX:NAK) has issued a response on Tuesday to the U.S. Environmental Protection Agency’s request for public comment on the draft charge it has provided to peer reviewers assembled to assess the quality and sufficiency of scientific information presented in its recently published draft Bristol Bay Watershed Assessment report, which is entitled “An Assessment of Potential Mining Impacts on Salmon Ecosystems of Bristol Bay, Alaska”. In its answer, Northern Dynasty said the EPA’s draft charge to peer reviewers is ‘artificially narrow and will prohibit the 12 independent experts from fully assessing whether the scope, methodology, underlying assumptions, data sources and analysis presented in the draft report are adequate to achieve the BBWA’s stated purpose’. Shares closed down 1.69 percent on the day at $2.33, having been traded between $2.23 and $11.88 for the past 52 weeks.
Orbotech Ltd (NASDAQ:ORBK) reported that it forecasts that the current low level of capital spending in the flat panel display industry will continue through the remainder of the year, and into the first half of 2013, as LCD manufacturers postpone scheduled moves in dates for their new fabrication facilities back to 2013. Lead times for delivery of the company’s FPD products have shortened, which has shrunk the visibility into the company’s expected business. In the meantime, activity levels in the printed circuit board industry have, and are expected, to remain consistent with 2011 levels throughout this year. The firm’s price level was decreased by JPMorgan, subsequent to the firm’s lowered second half of 2012 guidance, plus higher expenses due to its legal investigation in Korea. Shares are Neutral rated, and closed down 14.1 percent on the day at $8.10. They have traded between $8.95 and $13.00 for the past 52 weeks.
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